A comparison of financial crisis management between savings and loan crisis and subprime mortgage crisis

本研究以1980年代儲貸危機及2007年次貸危機兩次金融危機為主體，兩次金融危機均發生於金融體系最完善的美國。本研究經由文獻回顧、次級資料之分析及歸納，探討兩次金融危機形成原因及背景並分析其異同處，並就兩次金融危機中通過金融重要法案作個介紹。針對兩次金融危機，政府因應措施與對策及金融監理得當與否均為本研究探討重點。 本研究發現兩次金融危機的爆發，皆由貨幣政策的緊縮、房地產價格開始修正、市場關注通貨膨脹揭開序幕，配合金融機構高財務槓桿及內部風險管理失當，加上金融市場寛鬆的監理制度，及在金融危機爆發後，政府未在第一時間防範，而造成危機擴大，兩次金融危機在不同時代卻上演相同戲碼，不同的是，危機的蔓延效果隨著全球化及自由化傳染的更快速、更兇猛。而在金融危機的處理模式中，依美國政府歷次金融危機留下的教訓，通常為了挽救一次危機，又製造了另一次危機。同樣的，次貸危機各國史無前例的大手筆救市，若未輔以結構面、制度面的深層改革，金融危機恐將很快捲土重來，二次衰退也就難以避免。 本研究的建議，為實現金融穩定和金融自由化，各國政府要完善現有金融監管機構的協調機制，加強綜合監管，不同監管部門要實現資訊共享、形成監管合力、無縫監管。並進一步強化銀行等金融機構的自律機制，加強對金融機構的內部風險控制機制和內部控制制度的引導，以促進整個金融系統的穩定，也藉此期能作為我國未來改善金融制度之參考。This study considers the two financial crises, the savings and loan crisis in the 1980s and the subprime mortgage crisis of 2007, which both occurred in the United States, with the most comprehensive financial system. Through literature review and analysis and summarization of secondary sources, this study explores the reasons and backgrounds of the two financial crises, and analyzes their similarities and differences. Furthermore, the significant financial acts that passed during the two financial crises are introduced. The central point of exploration in this study is whether the government’s coping measures and financial supervision were appropriate. This study finds that both financial crises began with tightening of currency policy, adjustment of real estate prices, and market focus on inflation. Then, with high financial leveraging of financial institutions and failure to internally manage risk, loose supervisory systems for the financial markets, as well as the inability of governments to deal with the financial crisis immediately after its occurrence, effects of the crises expanded. The two financial crises occurred similarly in different times; the difference was that the spread of the crisis was faster with globalization and liberalization. In terms of the model for dealing with financial crises, as shown by the American government in managing financial crises, often attempts to resolve one crisis would create another. Similarly, in the subprime mortgage crisis, many nations devoted unprecedented resources to saving the markets; without structural and systematic reform, another financial crisis may soon arise, and a second recession would be difficult to avoid. This study suggests that in order to realize financial stability and financial liberalization, governments should improve the coordination mechanisms of existing financial supervisory institutions; different supervisory departments should implement information sharing to achieve seamless supervision and management. Furthermore, there should be a strengthening of internal risk control of financial institutions and guidance for such internal control systems to promote stability of the entire financial system. It is hoped that this can be used as a reference for Taiwan in the future improvement of financial systems